So with all the spacing, is the transformer larger or less efficient?
Larger. %Z is a design choice. Say the ratio is 4:1 (480:120). We could wind it with say 1 primary turn and 4 secondary, or say 100 primary turns and 400 secondary turns. As you can guess one will have a vastly different impedance, efficiency, etc. Even with the same absolute turns we can adjust things. Say I have the same 1 primary turn but now I do it with 100 parallel one turn coils and 100 parallel secondary coils. Now I have again 10” “turns” and 400 “turns” but at 1% of the impedance. Or equivalently use a larger wire to achieve the same thing. Still with the same 480:120 ratio but vastly different impedance.
The other side of transformers is core design. Transformer losses are partly core losses and partly winding losses.